Impecunious and humble commentator on global financial issues. Deeply and irrevocably commited to City of London.

MARKET UPDATE

Yesterday slightly qualified Euphoria expressed by DAX and CAC traders yesterday carried on in much the same with the FTSE bouncing out of the traps 34 points to the good at 7175 this morning. At one point the FTSE all but breached the owners challenge – 7200 but fell short to 7197. Since then it has drifted back to where it opened up 34 points at 7175 at 1.40pm.

The banking sector captured the imagination, rallying by between 2.5% and 3% – RBS +2.7%, Barclays 3% and Lloyds 3%. Hargreaves Lansdown was one of the early pioneers – +3.5% and IHG remained up 2.5%. Drugs were again dull with Astra up 0.2% and GSK -0.5%. Retail had a shabby session with Carphone Dixon -3.3% thanks to poor weekend shopping data away from the internet. M&S was 2.5% down. Supermarkets were nixed – Sainsbury +1%, Tesco -1% with Morrison just up a smidgen 0.25%. Diageo was in a similar plight – -0.25% and Astra Zeneca -0.25%. Drugs were as dreary as they had been since Christmas – Astra -0.26%. Oils were reliant for gravy from BP+1.25%.

There seemed plenty going on, buy few would own up to doing the business. Dow futures currently indicate a bright opening – +125 points. US equities look to comfortable in its own skin. We shall see if most of the evaluations are realistic in a couple of weeks.